Current Status Introducing Body:House Bill Number:4978 Primary Sponsor:Simrill Committee Number:30 Type of Legislation:GB Subject:Special source revenue bonds, redevelopment project Residing Body:House Current Committee:Ways and Means Computer Document Number:PT/1131DW.94 Introduced Date:19940324 Last History Body:House Last History Date:19940324 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Simrill Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4978 House 19940324 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 4-29-68, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL SOURCE REVENUE BONDS, SO AS TO CLARIFY THAT REVENUES RECEIVED AND RETAINED BY A COUNTY, MUNICIPALITY, OR SPECIAL PURPOSE DISTRICT FROM A PAYMENT IN LIEU OF TAXES PURSUANT TO THE PROVISIONS OF SECTION 4-1-170, 4-29-60, OR 4-29-67 AND THESE REVENUES ARE DERIVED IN WHOLE OR IN PART FROM A REDEVELOPMENT PROJECT AREA ESTABLISHED PURSUANT TO CHAPTER 6, TITLE 31, SHALL ALLOCATE THE REVENUES IN ACCORDANCE WITH THE ORDINANCE OF THE MUNICIPALITY ADOPTED PURSUANT TO THE PROVISIONS OF SECTION 31-6-70 AS IF THESE REVENUES REMAINED AD VALOREM TAXES, PROVIDE THAT ALL TAXES COLLECTED IN THE REDEVELOPMENT PROJECT AREA NOT SUBJECT TO THE ORDINANCE OF THE MUNICIPALITY ADOPTED PURSUANT TO SECTION 31-6-70 BECOME PAYMENTS IN LIEU OF TAXES AND THE PORTION COLLECTED BY THE MUNICIPALITY MAY BE PLEDGED TO SECURE SPECIAL SOURCE REVENUE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-29-68 of the 1976 Code, as last amended by Act 123 of 1993, is further amended by adding:
"(F) A county, municipality, or special purpose district that receives and retains revenues from a payment in lieu of taxes pursuant to Section 4-1-170, 4-29-60, or 4-29-67 in which these revenues are derived in whole or in part from a redevelopment project area established pursuant to Title 31, Chapter 6 shall allocate these revenues in accordance with the ordinance of the municipality adopted pursuant to Section 31-6-70 as if these revenues remained ad valorem taxes. All taxes collected in the redevelopment project area which are not subject to the ordinance of the municipality adopted pursuant to Section 31-6-70 become payments in lieu of taxes and the portion collected by the municipality may be pledged to secure special source revenue bonds issued by the municipality pursuant to Section 4-1-175 or this section."
SECTION 2. This act takes effect upon approval by the Governor.